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Orchid Chemicals & Pharmaceuticals Ltd.
Unaudited Financial Results for the Quater/Nine Months ended December 31, 2009
(Rs.Lakhs)
   
Unaudited
Unaudited
Audited
S.No
Particulars
Three months ended
31-Dec-09
Three months ended
31-Dec-08
Nine months ended
31-Dec-09
Nine months ended
31-Dec-08
Year ended
31-Mar-09
1
Net Sales
30,883.77
29,527.51
91,950.25
91,696.64
115,676.96
2
Other Operating Income
2,376.35
1,493.94
3,634.32
4,801.39
5,450.12
3
Total Operating Income (1+2)
33,260.12
31,021.45
95,584.57
96,498.03
121,127.08
4
Total Expenditure
a) Decrease/(Increase) in Stock in trade
(45.44)
(1,742.61)
(730.38)
(10,902.35)
(6,478.32)
b) Material Cost
10,187.73
12,971.77
31,612.77
43,829.27
53,881.65
c) Purchase of Traded Goods
892.98
665.58
2,599.70
2,820.95
3,627.66
d) Employees Cost
2,912.59
3,022.71
8,808.61
8,852.97
12,288.43
e) Depreciation / Amortisation
3,838.14
3,210.12
11,457.85
9,638.51
12,997.21
 
f) Consultancy & Professional Fees
3,474.77
693.54
4,828.89
1,961.57
3,119.87
g) Other Expenditure
7,561.25
6,742.90
21,631.82
23,542.78
24,547.20
h) Total
28,822.02
25,564.01
80,209.25
79,743.70
103,983.70
5
Profit from Operations before Exchange Rate Loss/(Gain), Other Income, Interest & Exceptional Item (3-4)
4,438.10
5,457.44
15,375.31
16,754.33
17,143.38
6
Exchange Rate Gain/(Loss)
(966.31)
1,151.78
(4,181.25)
2,291.93
(1,568.35)
7
Profit from Operations before Other Income, Interest & Exceptional Item (5-6)
3,471.79
6,609.22
11,194.07
19,046.26
15,575.04
8
Other Income
1.02
1.10
2.41
2.73
301.85
9
Profit before Interest & Exceptional Item (7+8)
3,472.81
6,610.32
11,196.48
19,048.99
15,876.88
10
 Interest and Finance Charges
5,360.66
3,797.64
16,188.49
9,944.95
15,518.60
11
 Profit/(Loss) after interest but before Exceptional Item (9-10)
(1,887.85)
2,812.68
(4,992.01)
9,104.04
358.28
12
 Exceptional Item - Gain/(Loss)
381.28
(3,115.08)
(442.67)
(17,152.54)
(4,043.10)
13
 Profit/(Loss) before Tax
(1,506.57)
(302.39)
(5,434.68)
(8,048.50)
(3,684.82)
14
 Tax expenses
 - Current Tax & Deferred Tax
179.39
283.22
547.51
(312.29)
1,371.65
 - Fringe Benefit Tax
-
45.00
-
126.00
161.00
15
 Net Profit/(Loss) After Tax (13-14)
(1,685.96)
(630.61)
(5,982.19)
(7,862.21)
(5,217.47)
16
 Paid- up Equity Share Capital (Face value of Rs. 10 each)
7,044.21
7,044.21
7,044.21
7,044.21
7,044.21
17
 Reserves excluding Revaluation Reserves
-
-
59,977.31
18
 Basic Earnings per Share (EPS) Rs.
(2.39)*
(0.92)*
(8.49)*
(11.46)*
(7.61)
19
 Diluted Earnings per Share (EPS) Rs.
(2.39)*
(0.92)*
(8.49)*
(11.46)*
(7.61)
20
Aggregate of Public Shareholding
 

-Number of equity shares
55529904
55525904
55529904
55525904
55525904
  -Percentage of Shareholding
78.83
78.82
78.83
78.82
78.82
21
 Promoters and Promoter group shareholding
       
  a. Pledged / Encumbered          
  - Number of shares
7847883
  
7847883
  
6258000
  - Percentage of shares (as a % of the total shareholding of promoter and promoter group)
52.63
52.63
41.95
  - Percentage of shares (as a % of the total share capital of company)
11.14
11.14
8.88
  b. Non - Encumbered          
  - Number of shares
7064289
  
7064289
  
8658172
  - Percentage of shares (as a % of the total shareholding of promoter and promoter group)
47.37
47.37
58.05
  - Percentage of shares (as a % of the total share capital of company)
10.03
10.03
12.30
             
* EPS is for the period (not annualised)
  1. The above unaudited financial results were approved by the Board of Directors at its meeting held on Friday, 29th January, 2010 and have been subjected to limited review by the Statutory Auditors.
  2. The Company is operating in single segment (i.e) "Pharmaceuticals".
  3. The Company has exercised the option provided under the Companies (Accounting Standards) Amendment Rules, 2006 dated 31st March, 2009 in respect of AS 11. The amount remaining to be amortized in the financial statements as on 31st December, 2009 on account of exercising the above option is Rs. 443.75 lakhs. If the same policy had been followed for the previous nine months ended and quarter ended 31st December, 2008 then the profit before tax would have been Rs.7039.90 lakhs and Rs. 990.71lakhs and profit after tax would have been Rs. 6116.28 lakhs and Rs. 833.46 lakhs respectively, against the reported figures for the respective period.
  4. The Company has partially repurchased and cancelled Foreign Currency Convertible Bonds due 2012, aggregating USD 19.778 million face value.
  5. Exceptional items represents exchange gain/(loss) on FCCBs. This figure is net off cancellation loss on repurchase of FCCBs of Rs.43.08 lakhs for the quarter ended and nine months period ended December 31, 2009 (Previous quarter ended and nine months period ended 31 December, 2008 Rs.Nil).
  6. The Company has entered into a Business Transfer Agreement (BTA) dated 15.12.2009 with Ojas Pharmaceuticals India Private Limited, (recently renamed as Hospira Healthcare India Private Limited) a subsidiary of Hospira, Inc. USA for transfer and sale of the generic injectable formulations business, subject to shareholders and other necessary approvals. The acquisition by Hospira includes Orchid’s beta-lactam antibiotics manufacturing complex (comprising cephalosporin, penicillin and carbapenem facilities) and pharmaceutical research and development (R&D) facility at Irungattukottai (Chennai), India as well as its generic injectable product portfolio and pipeline.
  7. The Company received 5 complaints during the quarter ended 31st December, 2009 from the shareholders and no complaints were pending as on 31st December, 2009.
  8. Previous period figures have been regrouped wherever necessary.

Place : Chennai
Date : January 29, 2010

For and on behalf of the Board

K.Raghavendra Rao
Managing Director